Real estate prices in Tennessee in 2022: a brief guide

Do you want to move to Tennessee and purchase a property? Owning a property is always a good investment, especially nowadays when prices constantly go up. This should give you a slight hint about the current state of the real estate market in Tennessee. It is not as affordable as it used to be. There are many reasons why, but mostly it is due to the pandemic. For this reason, before you hire the best long distance movers in Tennessee, you should learn more about real estate prices in Tennessee in 2022. This would be the best way to prepare your budget for your upcoming purchase. Therefore, here is everything you need to know about the real estate market in Tennessee. 

The current state of the market 

You should know more about real estate before hiring long distance movers Nashville TN. It is both quite simple and complex at the same time. The main principle would be supply and demand. This is how you can determine the cost of the housing market. As mentioned before, housing costs are at a record high. There has been an increase of 18% since September 2020. it can be quite complicated to understand the reason behind this increase. The months of supply metric tells how long it would take, at the current pace, for all the houses on the market to sell. The typical months of supply have decreased from four to less than two since 2019 on average. According to 2021 research by Harvard University, there were just 870,000 single-family houses for sale at the start of the year, the lowest amount in around 40 years. 

The influence of the pandemic on the real estate market 

Investment businesses own one in every six homes and 25% of all apartments bought in the second quarter of 2021. Therefore, these businesses have found themselves on the winning side of the epidemic housing problem. Due to the low loan rates and high demand for rentals, particularly from those priced out of the market, investors have been able to profit. Although the epidemic has significantly increased the demand for housing, it only partly accounts for the scarcity of available homes. Twenty years before anyone had ever heard of COVID-19, that issue—which is indeed a problem of underproduction—began. The main reason behind this problem would be the lack of skilled people to build all the houses to meet demand. You can still hire long distance movers Knoxville TN and purchase a house. However, the competition would be harsh.  

Tennessee real estate market numbers 

Before hiring long distance movers Memphis TN, here are all the important numbers you should know. First, the median home value in Tennessee is around $240,000. Of course, this price will vary according to the city. Then, the number of homes and apartments in total is around 2,600,000. Now to be more precise, 1.2% of houses are over $1.3 million. Then, 1.5% are from $700,000 to $1,000,000. 4% of the houses are listed between $550,000 to $700,000. 6% of the houses are listed between $300 00 to $500 000. In addition to this, 20% of the houses are between $280,000 to $500,000. The biggest percentage would be 33% where you can purchase a house for between $140,000 and $280,000. Lastly, 60% of the houses are listed between $70,000 to $140,000. They should give you a better idea of what you can expect when purchasing a home in Tennessee. 

Should you rent your house in Tennessee? 

If you do not want to purchase a house right now or your budget doesn’t allow it, you can always rent your future home. The average market rent is around $1300 per month. Again, this price will depend on many things. First of all, it will depend on the city. The bigger the city the higher rental prices would be. Then, within the same city, the price will depend on the location first. Lastly, the price will also depend on the size of the house or apartment that you plan to rent. These are all the things that you should consider before moving to Tennessee. As for the percentage, 65% of people are homeowners. 35% of people rent their place while 11 % of houses and apartments are currently vacant. As you can see, owning a house is more popular than renting it in Tennessee. 

Age of houses and buildings in Tennessee 

When you are purchasing a property, it is also important to pay attention to the age of the said property. Usually, if the house is older, it might have more problems. When you purchase a house, you have to pay attention to the condition of the house. If you purchase a house that is cheaper, there probably would be many problems you would have to fix. This doesn’t have to be always the case. However, before you purchase a house and hire the Best Long Distance Movers, make sure to do a thorough inspection. Here are all the statistics that you should be interested in. First of all, 24% of the houses are from 2000 or newer. and then, almost 47% are built between 1970 to 1999. 23% of the houses are built between 1940 to 1970. Lastly, almost 6% are built before 1939. 

Real estate prices in Tennessee and the types of homes that you can expect 

When looking at real estate in Tennessee, you should also know about the percentage of home types. First of all, almost 69% of the houses are single-family homes. Then, only 3% are townhouses while almost 6% are small apartment buildings. In addition to this, 30% are apt complexes, while nearly 9% are mobile homes. Why is this important to know? Before you start your house hunting adventure, you should know what you can expect from the real estate market in Tennessee. As you already know, prices are quite high, so at least this will give you an idea of what you can purchase for that money. The most popular type would be a single-family home. Again, this will depend on the city and the location you choose for your future home. In large cities, apartments are more popular than houses. 

The size of the houses in Tennessee 

When buying a house, most people will prioritize the size of the house first. This is quite expected, especially if you’re moving with your family. Everyone wants to have enough space for all of their belongings, have room for each of their family member, and have enough bathrooms in order to avoid waiting for too long. Here is the current state of Tennessee houses when it comes to their size. Only 1.5% of the houses have no bedrooms. 8% of the houses only have one bedroom. Almost 26% of the houses have two bedrooms while 46% of the houses have three bedrooms. In addition to this, 15% of the houses have four bedrooms while only 4% have five or more bedrooms.

As you can see here, houses in Tennessee are pretty big. Most of them have at least two bedrooms. This should be big enough for a family. 

The most popular cities in Tennessee for buying and renting 

Tennessee is a big state with a large number of cities. For this reason, you should choose your future city based on a couple of conditions. First of all, you should see whether you can find a job in your future city. This is extremely important since organizing a relocation can be quite expensive. After all, the most common reason why people move would be because of job opportunities. Then, you should also see whether the city you want to move to has the house that you want. Lastly, you should check whether you like the city’s overall atmosphere. Here are some of the most popular cities in Tennessee that you should consider before relocating. 

• Bartlett and Chattanooga  
• Clarksville and Collierville 
• Franklin and Hendersonville 
• Jackson and Johnson City 
• Kingsport and Knoxville 
• Memphis and Murfreesboro 
• Nashville and Smyrna 

Tennessee, by the important numbers, you should know 

There are other important numbers that you should know before moving to Tennessee. First of all, most people use utility gas for heating, almost 31%. The next one is a bottling tank or LP gas, which is around 3.7%, 62% of people use electricity while the remaining percentage use oil or kerosene. Additionally, the pandemic had a considerable influence on the Tennessee market. Usually, people under 35 would delay home buying. However, remote work, shutdowns, and record low mortgage rates influenced people to seek out more space for themselves. Since you never know when the next pandemic might happen, many people would like to have a house with a big yard. On the other hand, the pandemic also showed the new reality of financial insecurity, the risk of eviction, and not being able to pay your rent—all the reasons for people to purchase a property of their own. 

How to go house hunting? 

Only knowing real estate prices in Tennessee is not enough. It is a good way to start your house hunting experience. First of all, you need to organize your finances. Knowing how much money you can spend on the house is extremely important. Then, you should make a list of all the things you would like to have in a house. This list should be according to your priorities. Everyone has a different set of priorities. For example, some people prioritize the location while others prioritize the size of the future house. Then, you should see about the neighborhood. Even though you should have one neighborhood you like, you should keep your options open. It might happen that you can’t find the house you like in your preferred neighborhood, but it exists in some other.  

Should you use real estate agencies when you know the real estate prices in Tennessee? 

You should definitely use real estate agencies when looking for a house in a city you don’t know well. First of all, it can be tough to go house hunting long-distance since you can’t visit the city that often. You should have someone there to look for all the possible houses that you might like. The best person for this job would be a real estate agent. You should find a real estate agency in a neighborhood that you want. A real estate agent would compile all the houses currently available on the market that meets your requirements and your budget. When you have time, you can organize a visit and check all the houses on the same day together with your real estate agent. Lastly, a real estate agent can also help you negotiate the house’s price. 

Should you move to Tennessee? 

As you can see, this is everything you should know about the current real estate market and real estate prices in Tennessee. Similar to the rest of the country, the prices have increased because of the pandemic. However, this should not deteriorate from your goal of purchasing the property. There are many benefits when you are a homeowner. The first one would be security in case another pandemic or catastrophe happens. Then, it would be wise if you could hire a real estate agent to help you to find your future house in Tennessee. House hunting can be highly stressful, especially when doing it long distance. For this reason, it will be very helpful if you have a professional by your side. Remember to make a list of priorities before going house hunting.